10-Q Filing

OLAPLEX HOLDINGS, INC. CIK: 1868726 Q1 2022

Filing Information

Form Type	10-Q
Accession Number	`0001868726-22-000028`
Period End Date	20220331
Filing Date	20220511
Fiscal Year	2022
Fiscal Period	Q1
XBRL Instance	olpx-20220331_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 74 Income Statement 42 Cash Flow Statement 66 Stockholders Equity 18

Balance Sheet 74 line items

Line Item	Tag	Value	Unit	Period
Accounts receivable, allowance for credit losses	`AllowanceForDoubtfulAccountsReceivable`	$14.66M	USD	Point-in-time
Accounts receivable, allowance for credit losses	`AllowanceForDoubtfulAccountsReceivable`	$8.23M	USD	Point-in-time
Common stock, par value (in usd per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, par value (in usd per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$143.35M	USD	Point-in-time
Common stock, shares authorized (shares)	`CommonStockSharesAuthorized`	2.00B	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$186.39M	USD	Point-in-time
Common stock, shares authorized (shares)	`CommonStockSharesAuthorized`	2.00B	shares	Point-in-time
Accounts receivable, net of allowances of $14,662 and $8,231	`AccountsReceivableNetCurrent`	$40.78M	USD	Point-in-time
Common stock, shares, issued (shares)	`CommonStockSharesIssued`	648.86M	shares	Point-in-time
Common stock, shares, issued (shares)	`CommonStockSharesIssued`	648.79M	shares	Point-in-time
Accounts receivable, net of allowances of $14,662 and $8,231	`AccountsReceivableNetCurrent`	$68.91M	USD	Point-in-time
Common stock, shares, outstanding (shares)	`CommonStockSharesOutstanding`	648.86M	shares	Point-in-time
Inventory	`InventoryNet`	$98.40M	USD	Point-in-time
Inventory	`InventoryNet`	$117.47M	USD	Point-in-time
Common stock, shares, outstanding (shares)	`CommonStockSharesOutstanding`	648.79M	shares	Point-in-time
Other current assets	`OtherAssetsCurrent`	$8.20M	USD	Point-in-time
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$9.62M	USD	Point-in-time
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Total current assets	`AssetsCurrent`	$335.19M	USD	Point-in-time
Preferred stock, shares authorized (shares)	`PreferredStockSharesAuthorized`	25.00M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$337.93M	USD	Point-in-time
Preferred stock, shares authorized (shares)	`PreferredStockSharesAuthorized`	25.00M	shares	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$747.00K	USD	Point-in-time
Preferred stock, shares issued (shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$740.00K	USD	Point-in-time
Preferred stock, shares issued (shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$1.04B	USD	Point-in-time
Preferred stock, shares outstanding (shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Preferred stock, shares outstanding (shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$1.03B	USD	Point-in-time
Goodwill	`Goodwill`	$168.30M	USD	Point-in-time
Goodwill	`Goodwill`	$168.30M	USD	Point-in-time
Deferred taxes	`DeferredIncomeTaxAssetsNet`	$8.34M	USD	Point-in-time
Deferred taxes	`DeferredIncomeTaxAssetsNet`	$10.06M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$6.36M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$4.50M	USD	Point-in-time
Total assets	`Assets`	$1.55B	USD	Point-in-time
Total assets	`Assets`	$1.56B	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$29.00M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$19.17M	USD	Point-in-time
Accrued expenses and other current liabilities	`AccruedLiabilitiesCurrent`	$11.36M	USD	Point-in-time
Accrued expenses and other current liabilities	`AccruedLiabilitiesCurrent`	$17.33M	USD	Point-in-time
Accrued sales and income taxes	`TaxesPayableCurrent`	$12.14M	USD	Point-in-time
Accrued sales and income taxes	`TaxesPayableCurrent`	$30.89M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$6.75M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$20.11M	USD	Point-in-time
Current portion of Related Party payable pursuant to Tax Receivable Agreement	`DueToRelatedPartiesCurrent`	$4.16M	USD	Point-in-time
Current portion of Related Party payable pursuant to Tax Receivable Agreement	`DueToRelatedPartiesCurrent`	$4.16M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$82.17M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$72.91M	USD	Point-in-time
Related Party payable pursuant to Tax Receivable Agreement	`DueToRelatedPartiesNoncurrent`	$225.12M	USD	Point-in-time
Related Party payable pursuant to Tax Receivable Agreement	`DueToRelatedPartiesNoncurrent`	$225.12M	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$738.09M	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$658.32M	USD	Point-in-time
Total liabilities	`Liabilities`	$965.61M	USD	Point-in-time
Total liabilities	`Liabilities`	$1.04B	USD	Point-in-time
Contingencies (Note 12)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Contingencies (Note 12)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common stock, $0.001 par value per share; 2,000,000,000 shares authorized, 648,855,977 and 648,794,041 shares issued and outstanding as of March 31, 2022 and December 31, 2021, respectively	`CommonStockValue`	$648.00K	USD	Point-in-time
Common stock, $0.001 par value per share; 2,000,000,000 shares authorized, 648,855,977 and 648,794,041 shares issued and outstanding as of March 31, 2022 and December 31, 2021, respectively	`CommonStockValue`	$648.00K	USD	Point-in-time
Preferred stock, $0.001 par value per share; 25,000,000 shares authorized and no shares issued and outstanding	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, $0.001 par value per share; 25,000,000 shares authorized and no shares issued and outstanding	`PreferredStockValue`	-	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$302.87M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$305.62M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$282.75M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$220.78M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$530.67M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$577.46M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$589.01M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$524.30M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$1.55B	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$1.56B	USD	Point-in-time

Income Statement 42 line items

Line Item	Tag	Value	Unit	Period
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$118.12M	USD	1 Quarter
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$186.20M	USD	1 Quarter
Cost of product (excluding amortization)	`CostOfGoodsAndServiceExcludingDepreciationDepletionAndAmortization`	$22.07M	USD	1 Quarter
Cost of product (excluding amortization)	`CostOfGoodsAndServiceExcludingDepreciationDepletionAndAmortization`	$43.22M	USD	1 Quarter
Amortization of patented formulations	`CostOfGoodsAndServicesSoldAmortization`	$2.45M	USD	1 Quarter
Amortization of patented formulations	`CostOfGoodsAndServicesSoldAmortization`	$1.77M	USD	1 Quarter
Total cost of sales	`CostOfGoodsAndServicesSold`	$44.99M	USD	1 Quarter
Total cost of sales	`CostOfGoodsAndServicesSold`	$24.52M	USD	1 Quarter
Gross profit	`GrossProfit`	$93.59M	USD	1 Quarter
Gross profit	`GrossProfit`	$141.21M	USD	1 Quarter
Selling, general, and administrative	`SellingGeneralAndAdministrativeExpense`	$11.28M	USD	1 Quarter
Selling, general, and administrative	`SellingGeneralAndAdministrativeExpense`	$22.31M	USD	1 Quarter
Amortization of other intangibles	`AmortizationOfOtherIntangibleAssets`	$10.18M	USD	1 Quarter
Amortization of other intangibles	`AmortizationOfOtherIntangibleAssets`	$10.27M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$32.58M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$21.46M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$108.62M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$72.13M	USD	1 Quarter
Interest expense	`InterestExpense`	$15.50M	USD	1 Quarter
Interest expense	`InterestExpense`	$11.46M	USD	1 Quarter
Loss on extinguishment of debt	`GainsLossesOnExtinguishmentOfDebt`	$-18.80M	USD	1 Quarter
Loss on extinguishment of debt	`GainsLossesOnExtinguishmentOfDebt`	-	USD	1 Quarter
Other expense, net	`OtherNonoperatingExpense`	$47.00K	USD	1 Quarter
Other expense, net	`OtherNonoperatingExpense`	$377.00K	USD	1 Quarter
Total other expense, net	`OtherNonoperatingIncomeExpense`	$-19.18M	USD	1 Quarter
Total other expense, net	`OtherNonoperatingIncomeExpense`	$-47.00K	USD	1 Quarter
Income before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$77.98M	USD	1 Quarter
Income before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$56.58M	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$11.05M	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$16.02M	USD	1 Quarter
Net income	`NetIncomeLoss`	$45.53M	USD	1 Quarter
Net income	`NetIncomeLoss`	$61.96M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$61.96M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$45.53M	USD	1 Quarter
Net income (loss) per share: Basic (in usd per share)	`EarningsPerShareBasic`	$0.10	USD	1 Quarter
Net income (loss) per share: Basic (in usd per share)	`EarningsPerShareBasic`	$0.07	USD	1 Quarter
Net income (loss) per share: Diluted (in usd per share)	`EarningsPerShareDiluted`	$0.09	USD	1 Quarter
Net income (loss) per share: Diluted (in usd per share)	`EarningsPerShareDiluted`	$0.07	USD	1 Quarter
Weighted average common shares outstanding: Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	648.81M	shares	1 Quarter
Weighted average common shares outstanding: Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	647.99M	shares	1 Quarter
Weighted average common shares outstanding: Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	656.27M	shares	1 Quarter
Weighted average common shares outstanding: Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	693.02M	shares	1 Quarter

Cash Flow Statement 66 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$45.53M	USD	1 Quarter
Net income	`NetIncomeLoss`	$61.96M	USD	1 Quarter
Amortization of patented formulations	`CostOfGoodsAndServicesSoldAmortization`	$2.45M	USD	1 Quarter
Amortization of patented formulations	`CostOfGoodsAndServicesSoldAmortization`	$1.77M	USD	1 Quarter
Amortization of other intangibles	`AmortizationOfOtherIntangibleAssets`	$10.18M	USD	1 Quarter
Amortization of other intangibles	`AmortizationOfOtherIntangibleAssets`	$10.27M	USD	1 Quarter
Inventory write-off and disposal	`InventoryWriteDown`	-	USD	1 Quarter
Inventory write-off and disposal	`InventoryWriteDown`	$4.32M	USD	1 Quarter
Depreciation of fixed assets	`Depreciation`	$75.00K	USD	1 Quarter
Depreciation of fixed assets	`Depreciation`	-	USD	1 Quarter
Amortization of debt issuance costs	`AmortizationOfFinancingCosts`	$146.00K	USD	1 Quarter
Amortization of debt issuance costs	`AmortizationOfFinancingCosts`	$690.00K	USD	1 Quarter
Deferred taxes	`DeferredIncomeTaxExpenseBenefit`	$1.94M	USD	1 Quarter
Deferred taxes	`DeferredIncomeTaxExpenseBenefit`	$-1.71M	USD	1 Quarter
Share-based compensation expense	`ShareBasedCompensation`	$1.70M	USD	1 Quarter
Share-based compensation expense	`ShareBasedCompensation`	$627.00K	USD	1 Quarter
Loss on extinguishment of debt	`GainsLossesOnExtinguishmentOfDebt`	$-18.80M	USD	1 Quarter
Loss on extinguishment of debt	`GainsLossesOnExtinguishmentOfDebt`	-	USD	1 Quarter
Accounts receivable, net	`IncreaseDecreaseInAccountsReceivable`	$28.14M	USD	1 Quarter
Accounts receivable, net	`IncreaseDecreaseInAccountsReceivable`	$20.39M	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$22.90M	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$8.87M	USD	1 Quarter
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$-1.43M	USD	1 Quarter
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$2.63M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-5.42M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$9.84M	USD	1 Quarter
Accrued expenses and other current liabilities	`IncreaseDecreaseInAccruedLiabilities`	$14.41M	USD	1 Quarter
Accrued expenses and other current liabilities	`IncreaseDecreaseInAccruedLiabilities`	$17.19M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$71.97M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$41.29M	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	-	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$68.00K	USD	1 Quarter
Purchase of software	`PaymentsToAcquireSoftware`	-	USD	1 Quarter
Purchase of software	`PaymentsToAcquireSoftware`	$421.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-489.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	-	USD	1 Quarter
Proceeds from the issuance of stock	`ProceedsFromIssuanceOfCommonStock`	-	USD	1 Quarter
Proceeds from the issuance of stock	`ProceedsFromIssuanceOfCommonStock`	$633.00K	USD	1 Quarter
Payments for taxes on net settlement of exercise of stock settled appreciation rights	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	-	USD	1 Quarter
Payments for taxes on net settlement of exercise of stock settled appreciation rights	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$572.00K	USD	1 Quarter
Principal payments and prepayment fees for the 2020 Term Loan Facility	`RepaymentsOfSecuredDebt`	$777.00M	USD	1 Quarter
Principal payments and prepayment fees for the 2020 Term Loan Facility	`RepaymentsOfSecuredDebt`	$5.03M	USD	1 Quarter
Proceeds from the issuance of 2022 Term Loan Facility	`ProceedsFromIssuanceOfSecuredDebt`	-	USD	1 Quarter
Proceeds from the issuance of 2022 Term Loan Facility	`ProceedsFromIssuanceOfSecuredDebt`	$675.00M	USD	1 Quarter
Payments of debt issuance costs	`PaymentsOfDebtIssuanceCosts`	$11.94M	USD	1 Quarter
Payments of debt issuance costs	`PaymentsOfDebtIssuanceCosts`	-	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-4.39M	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-114.52M	USD	1 Quarter
Net (decrease) increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-43.04M	USD	1 Quarter
Net (decrease) increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$36.90M	USD	1 Quarter
Cash and cash equivalents - beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$143.35M	USD	Point-in-time
Cash and cash equivalents - beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$186.39M	USD	Point-in-time
Cash and cash equivalents - beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$10.96M	USD	Point-in-time
Cash and cash equivalents - beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$47.86M	USD	Point-in-time
Cash and cash equivalents - end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$143.35M	USD	Point-in-time
Cash and cash equivalents - end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$186.39M	USD	Point-in-time
Cash and cash equivalents - end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$10.96M	USD	Point-in-time
Cash and cash equivalents - end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$47.86M	USD	Point-in-time
Cash paid for income taxes	`IncomeTaxesPaid`	-	USD	1 Quarter
Cash paid for income taxes	`IncomeTaxesPaid`	$12.00K	USD	1 Quarter
Cash paid during the year for interest	`InterestPaidNet`	$15.16M	USD	1 Quarter
Cash paid during the year for interest	`InterestPaidNet`	$10.60M	USD	1 Quarter
Public offering and strategic transition costs included in accounts payable and accrued expenses	`InitialPublicOfferingCostsIncurredButNotYetPaid`	$145.00K	USD	1 Quarter
Public offering and strategic transition costs included in accounts payable and accrued expenses	`InitialPublicOfferingCostsIncurredButNotYetPaid`	$448.00K	USD	1 Quarter
Cash-settled units liability reclassification to additional paid in capital	`LiabilityReclassificationToAdditionalPaidInCapital`	$1.63M	USD	1 Quarter
Cash-settled units liability reclassification to additional paid in capital	`LiabilityReclassificationToAdditionalPaidInCapital`	-	USD	1 Quarter

Stockholders Equity 18 line items

Line Item	Tag	Value	Unit	Period
Beginning balance	`StockholdersEquity`	$530.67M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$577.46M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$589.01M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$524.30M	USD	Point-in-time
Issuance of common stock	`StockIssuedDuringPeriodValueNewIssues`	$633.00K	USD	1 Quarter
Conversion of cash-settled units to stock-settled stock appreciation rights	`StockIssuedDuringPeriodValueConversionOfUnits`	$1.63M	USD	1 Quarter
Exercise of stock-settled stock appreciation rights (shares)	`ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercised`	117,180.00	shares	1 Quarter
Exercise of stock-settled stock appreciation rights	`StockIssuedDuringPeriodValueNonOptionEquityInstrumentsExercised`	$348.00K	USD	1 Quarter
Shares withheld and retired for taxes on exercise of stock settled appreciation rights (shares)	`SharesPaidForTaxWithholdingForShareBasedCompensation`	55,244.00	shares	1 Quarter
Shares withheld and retired on exercise of stock-settled appreciation rights	`ShareBasedPaymentArrangementSharesWithheldForTaxWithholdingObligationAmount`	$920.00K	USD	1 Quarter
Net income	`NetIncomeLoss`	$45.53M	USD	1 Quarter
Net income	`NetIncomeLoss`	$61.96M	USD	1 Quarter
Share-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$627.00K	USD	1 Quarter
Share-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$1.70M	USD	1 Quarter
Ending balance	`StockholdersEquity`	$530.67M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$577.46M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$589.01M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$524.30M	USD	Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.